QUESTION TwO 2.1 Question 2.1.1 to 2.1.2 is based on the diagram below relating to the demand Price of wheat A B Supply D. F. G. Demand I K L M Quantity of wheat 2.1.1 Explain the point E. 2.1.2 If a government imposed a minimum price at point A; discuss the type of pric would be and its economic effect using the diagram to substantiate your ans 2.1.3 List and discuss three (3) factors affecting the upward sloping curve.

QUESTION TwO 2.1 Question 2.1.1 to 2.1.2 is based on the diagram below relating to the demand Price of wheat A B Supply D. F. G. Demand I K L M Quantity of wheat 2.1.1 Explain the point E. 2.1.2 If a government imposed a minimum price at point A; discuss the type of pric would be and its economic effect using the diagram to substantiate your ans 2.1.3 List and discuss three (3) factors affecting the upward sloping curve.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Insert Draw Design Layout References Mailings Review View Table Design Layout O Tell me e Share Calibri 10.5 Aa v AaßbCcDdEe AaBbCcDdEe AaBbCcDc B I U. v A - ev A Heading 1 ce Normal No Spacing Styles Pane ab x, x Dictate Sensitiviti the Law of Demand. Also note that some values are already filled in. Do not adjust the numbers already given. s) Supply Schedule Take whatever value of Quantity Demanded you have at Price = $40 and use that same value for Quantity Supplied at Price = $40. Fill in values for Quantity Supplied at $50, $30, and $20 that make sense from what you understand about the Law of Supply. 中 Price Quantity Demanded (Qd) Quantity Supplied (Qs) 55 $60 $50 $40 $30 $20 35 $10 Qe = ) What is the equilibrium price and quantity in your market? Pe = aly2 How much? If the price was free to move, wha ou anticipate - s there excess demo